SABINE ROYALTY TRUST ANNOUNCES RESULTS OF SPECIAL MEETING

Rhea-AI Summary

Sabine Royalty Trust (NYSE: SBR) announced the results of its special unitholders meeting held on May 2, 2022. Unitholders approved the proposals in the proxy statement, including appointing Argent Trust Company as the new trustee, succeeding Simmons Bank upon its resignation. The resignation's effective date hinges on fulfilling specific conditions outlined in the resignation notice and proxy statement. Forward-looking statements caution that actual results may vary depending on unitholder and court approvals necessary for Argent's appointment.

Positive

• Approval of Argent Trust Company as the new trustee enhances governance and potentially strengthens management.

Negative

• The resignation of Simmons Bank may indicate management instability during the transition period.
• Dependence on additional approvals from unitholders and courts introduces uncertainty regarding the trustee transition.

DALLAS, May 5, 2022 /PRNewswire/ -- Sabine Royalty Trust (NYSE: SBR) (the "Trust") today announced that, at a special meeting of the Trust's unitholders held May 2, 2022, the unitholders of the Trust voted to approve the proposals set forth in the Trust's definitive proxy statement, including the appointment of Argent Trust Company as successor trustee to serve as trustee of the Trust once the resignation of Simmons Bank, the current Trustee of the Trust, takes effect and approval of related amendments to the Trust Agreement of the Trust. The effective date of the Trustee's resignation will depend on the satisfaction or waiver of the conditions set forth in the Trustee's notice of resignation and the Trust's definitive proxy statement, including approval by certain other trusts of which Simmons Bank acts as trustee (or a court) of (i) Argent's appointment as successor trustee and (ii) any amendments to the trust agreements and indentures of the other trusts (whether by unitholder approval or a court) necessary to permit Argent to serve as successor trustee. 

Forward-looking Statements

Any statements in this press release about plans for the Trust, the expected timing of the completion (if any) of the proposed resignation of the Trustee or appointment of a successor trustee, and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," "may," "intends" and similar expressions, other than historical facts, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Factors or risks that could cause the Trust's actual results to differ materially from the results we anticipate include, but are not limited to the inability of the Trustee to resign or Argent Trust Company to assume duties as successor trustee due to the failure to obtain necessary unitholder or court approval or the failure to satisfy other conditions to the Trustee's resignation set forth in the Trustee's notice of resignation and the Trust's definitive proxy statement.

Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements included in this press release represent the Trustee's views as of the date hereof. The Trustee anticipates that subsequent events and developments may cause its views to change. However, while the Trustee may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Trustee's views as of any date subsequent to the date hereof.

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SOURCE Sabine Royalty Trust

FAQ

What was the outcome of Sabine Royalty Trust's special meeting on May 2, 2022?

Unitholders approved the appointment of Argent Trust Company as the successor trustee.

Who is the current trustee of Sabine Royalty Trust?

The current trustee is Simmons Bank, which will be replaced by Argent Trust Company.

What factors could delay the transition to Argent Trust Company as trustee?

Delays may occur due to unitholder or court approvals needed for the resignation of Simmons Bank.

What is the significance of the trustee transition for Sabine Royalty Trust (SBR)?

It may enhance governance but also introduces potential instability during the transition.